• Friday, March 01, 2024
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BusinessDay

FG proposes 50% increase in tech start-up revenue

Here are 5 African cities with the best startup ecosystems in 2023

… eyes $5bn by 2027

The Federal Government has proposed to achieve a 50 percent year-on-year increase in capital raised by Nigerian tech startups from $ 1 billion annually in 2022 to $5 billion in 2027.

Bosun Tijani, the minister of communications, innovation and digital economy stated this in a document titled ‘Strategic Plan for the Ministry of Communication, Innovation and Digital Economy ‘, obtained by BusinessDay.

According to the minister, his administration would identify opportunities for the digital economy in various sectors, including agriculture, financial services, healthcare, education, energy, transportation and logistics, manufacturing, retail and e-commerce, textiles and fashion, media and entertainment, sports/gaming, and real estate.

The minister disclosed a plan to prioritise the implementation of the Nigeria Startup Act (NSA) Act in collaboration with relevant ministries and agencies towards achieving its objectives, adding that sustaining the implementation of this Act would require concerted action.

The Nigeria Startup Act (NSA) was signed into law in 2022 to support the growth of Nigeria’s startup ecosystem and drive the development of startups and tech-related talents.

For him, efforts will be targeted to ensure a 100 percent increase in the number of startups that have access to incentives, as well as a 100 percent increase in the number of tech-enabled startups with access to procurement opportunities in Nigeria.

He said, “In a world where digital transformation and innovation is fast becoming a catalyst for economic progress, we are at a critical moment as a nation in our journey towards a more inclusive and prosperous future.

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“The intersection of a strong digital economy and our innovative and youthful population presents us with a unique opportunity to chart a course towards prosperity, inclusion and global relevance.

“President Tinubu’s Renewed Hope Agenda has at its core, a recognition of the power of technology and innovation as enablers of economic growth and development. It is a call for us to take advantage of the opportunities presented to us with a spirit of determination and conviction.”

The minister further stated that the strategic blueprint was hinged on five key pillars, including knowledge, policy, infrastructure, innovation, entrepreneurship & capital (IEC) and trade.

According to him, his team has identified nine priority policy, regulatory and strategic initiatives for review and implementation.

These policies include the Nigeria National Broadband Plan, National Policy on Digital Public Infrastructure, National Policy on Telecommunications, National Blockchain Policy, National Digital Economy Bill, Nigeria Startup Act, National Artificial Intelligence Strategy, National Data Strategy and the National Digital Literacy Framework.

“Knowledge is the cornerstone upon which innovation thrives, and is built upon the bedrock of sound policies. Infrastructure provides the essential backbone for a thriving digital economy, while innovation and entrepreneurship drive economic diversification. Trade, represents our commitment to global collaboration and partnerships, recognising that innovation knows no borders,” he said.

The minister, who aims to provide widespread access to internet connection said that his team will focus on executing the broadband strategy to lay 95,000 kilometres of fibre optic cable across the country.

On efficient spectrum management, the document revealed plans to ensure that both commercial and non-commercial spectrum resources are efficiently deployed to enable innovation and new technologies to thrive.

It also hinted at plans to set up a comprehensive Digital Public Infrastructure to be the foundation for digital transformation across Nigeria. “This will be supported by the introduction of OneGOV, a one-stop shop for access to all government services.”